Following the Reserve Bank of Australia's (RBA) decision to bump up the cash rate target for the 12th time, some major banks have already responded to the increase.

As of June 6, the RBA has increased its cash target by 0.25 of a percentage point, bumping it up to 4.1 per cent. 

Below is a breakdown of which banks have responded to the RBA's decision, and which ones we're still waiting on.

Westpac

Westpac was the first of the big four banks to respond.

It announced it would increase its home loan variable interest rates by 0.25 per cent per annum for new and existing customers from June 20.

Westpac chief executive consumer and business banking Chris de Bruin said he understood interest rate increases put more pressure on household budgets.

"The majority of our customers are managing okay, but we know with each rate change it's getting more challenging," he said.

ANZ

ANZ made its announcement this afternoon.

Variable interest rates across ANZ’s Australian home loans will increase by 0.25 per cent per annum from June 16.

ANZ also said from Friday, it would offer a new 12-month Advance Notice term deposit rate of 4.60 per cent per annum.

The bank will continue to review other deposit rates.

ANZ Group Executive Australia Retail, Maile Carnegie said: “We know rate changes affect customers differently. Our team is trained to support customers and their specific circumstances.”

Commonwealth Bank

Commonwealth Bank soon followed, announcing it will increase rates too. 

The bank will lift its home loan variable and savings interest rates by 0.25 per cent per annum from June 16.

Interest rates for the CBA's Youthsaver and GoalSaver accounts will also rise by 0.25 per cent, as well as the introductory rate of the NetBank Saver account.

“To help customers save, we have increased rates on our savings products, some by more than the RBA cash rate change," says CBA Group Executive, Retail Banking, Angus Sullivan.

NAB

National Australia Bank was the last of the big four to announce an increase.

From June 16 the bank's standard variable home loan interest rate will increase by 0.25 per cent per annum,

The NAB said it would also increase the Reward Saver bonus interest rate by 0.25 per cent per annum, while the NAB's 12-month Term Deposit will increase by 0.40 per cent.

NAB Group Executive for Personal Banking Rachel Slade said the bank knew there would be some customers that would need extra support and they will be getting in contact with them.

"We're proactively reaching out to our customers to offer help and have a range of options available to assist them through the rising cost of living," Ms Slade said.

What about other banks?

We'll be updating this story as each decision comes through:

• BankWest: From June 16, new and existing customers on the Standard Variable Rate (SVR) for home loans will increase by 0.25 per cent per annum.
• Macquarie:  
• ING: says it is reviewing its interest rates and will inform customers via its website of any updates.
• Bendigo: for those on a variable rate loan there'll be an increase of 0.25 per cent per annum from June 20.
• St George:
• Suncorp:
• UBank: Savings rate will be increased by 0.25 per cent to a total of 5 per cent per annum from July 1.
• Bank of Queensland: says it is reviewing rates

Don't see your bank listed above?

It's probably worth giving them a call or visiting a branch.